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Shares in Hong Kong free-to-air broadcaster TVB fell as much as 3.5 per cent on Wednesday after TLG Movie and Entertainment withdrew its offer to buy a 29.9 per cent stake in the company.

In a filing to the Hong Kong Stock Exchange, TVB said TLG had withdrawn its proposal to make an offer for a stake in the company yesterday ahead of a deadline imposed by the broadcaster.

TLG will be prohibited from making another takeover proposal for six months under Hong Kong takeover rules and TVB said its board reserves the right to recover costs and expenses incurred by the unsolicited proposal.

TVB in January announced a HK$4.2bn ($541m) share buy back plan for 138 million shares.

The benchmark Hang Seng index is up 0.3 per cent.

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